Update: Halsey Minor

Internet entrepreneur Halsey Minor has had his share of legal issue within the art community, including disputes with both Christie's and Sotheby's.  Some of those issues have been posted here on the AW Blog.

The Courthouse News Service now has an article that states that a finance company owned by Bank of America is seeking the return of artworks either held or sold by Christie's auction house and the Paul Kasmin Gallery. The art was supposedly pledged as collaterl by Mr Halsey in securing a $21.6 million loan.

The Courthouse News Service states

Merrill Lynch sued Minor in 2008 in Manhattan Federal Court, claiming he had sold paintings that were collateral for a $21.6 million loan. Minor appealed and lost, then filed a counterclaim that was tossed out, according to contemporary media reports.
The plaintiff in the recent federal action, ML Private Finance, is a Delaware company whose sole member is Bank of America. BofA bought Merrill Lynch in late 2008 as the world financial system melted down.
ML claims Kasmin has in its possession a Walton Ford painting belonging to Minor titled "Loss of the Lisbon Rhinoceros," and that Christie's has about 115 artworks and pieces of furniture owned by Minor.
The auction house and gallery cannot transfer Minor's property without a court order, according to the petition.

To read the full article, click HERE.